TWA Has Loss for Year Despite Record Quarter
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Trans World Airlines reported record fourth-quarter earnings of $85 million because of a one-time gain, cost controls and higher productivity, but said a flight-attendants strike and passenger fears of terrorism resulted in the carrier reporting a $106.3-million loss for all of 1986.
New York-based TWA reported a loss of $123.42 million for the fourth-quarter of 1985.
Revenue for the quarter ended Dec. 31 totaled $856.89 million, up about 2% from the $839.03 million it reported a year earlier.
The carriers’ chairman, Carl C. Icahn, said that earnings were boosted by proceeds from the sale of a 50% interest in TWA’s computerized reservation system to NWA Inc., parent of Northwest Airlines.
Icahn also attributed the better results to route restructuring, cost controls implemented by management and “continuing productivity improvements throughout the year.”
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